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2009-05-26 00:00:00
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According to the Central Statistical Office’s preliminary report, Poland saw GDP growth of 0.8 percent in the first quarter of 2009.
Though below market expectations – a poll by Reuters of market analysts had predicted one percent growth - Poland’s positive growth is a rarity in the European Union and outpaces even the other ex-communist emerging economies in the 27 nation bloc. Economists in Prague estimate that the Czech Republic’s economy, for instance, shrunk by a hefty 3.4 percent in the first three months of this year.
“Poland is not so exposed to foreign markets,” Maciej Krzak, editor of the CASE think tank’s quarterly report, tells thenews.pl, referring to a strong domestic market in Poland, which smaller countries, like those in the Baltic states or Hungary do not have - making them far more sensitive to downturns in markets in Germany and other large economies.
“Consumption figures are also better than we expected,” says Krzak. “Domestic demand held up well and net exports [where exports decreased less than the fall in imports] has helped as well. And firms are clearly building up inventories.”
Though 0.8 percent positive growth has been welcomed, Poland’s economy slowed markedly in the first quarter – GDP growth in the last quarter of 2008 was nearly 2.5 percent.
This week, the finance ministry in Warsaw predicted growth for 2009 at around one percent.
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